Co-op Bank loan: Ex-JMM MLA jailed

Former Jharkhand Mukti Morcha (JMM) MLA from Baripada Bimal Lochan Das and six others were sentenced to one-year in jail by the Special Vigilance Court in connection with a bank loan fraud in Baripada Urban Cooperative Bank, a news outlet says.

In addition to the jail term, the court has slapped a fine of Rs 16.70 lakh on the former MLA.

The people involved in the fraud failed to repay loans taken from the Cooperative Bank. Das during his tenure as the President of Baripada Urban Cooperative Bank had sanctioned loans to these persons on the basis of forged documents.

The bank’s business has stopped since 2014 following an order of the RBI.